GP P.C. CPA
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Musings from our firm about topics of interest to us, not always related to business. Should any of these topics spark your interest, we are only an email or call away. Don’t be shy.
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Court-Approved Way to Defeat IRS Penalties
Court-Approved Way to Defeat IRS Penalties Like you, GP CPA does not like IRS penalties. That’s why we keep you up to date on new ways you can beat the IRS at its penalty game. We have previously outlined a new and potentially powerful penalty abatement strategy that...
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Technology that GP CPA is currently using
We are approaching mid-year (for those of us on a calendar year…) and enough time has passed that we can reflect back on some of the technology that GP CPA has been using and is no longer using in 2019. First up, let’s have a drink for those who are no longer with us:...
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TCJA Allows Bonus Depreciation on Purchase of Leased Vehicle
TCJA Allows Bonus Depreciation on Purchase of Leased VehicleBefore the Tax Cuts and Jobs Act (TCJA), your purchase of the vehicle you were leasing did not qualify for either Section 179 expensing or bonus depreciation. But times have changed. The TCJA made two changes...
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Backdoor Roth IRA Opportunities Still Available After TCJA
Backdoor Roth IRA Opportunities Still Available After TCJA Good news. The Tax Cuts and Jobs Act (TCJA) did not harm the backdoor Roth strategy.As you likely know, the Roth IRA is a terrific way to grow your wealth with a minimum tax downside because you pay the taxes...
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Xero and electronic payment processing options (PayPal, Stripe, IntegraPay, Square, Plooto)
Xero and electronic payment processing optionsFor clients that will use invoices as the primary method of billing, there are quite a few options for that are better than “the check is in the mail” (spoiler alert, it never is). All of the payment processors below will...
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GP CPA Client’s Letter – May 2019
Dear Client: It was good seeing you both again. Each time we meet the numbers and growth are getting better and better. The key items we spoke about during the meeting are as follows: The 2018 personal taxes due, totaling about $20K, were a "best case scenario"...
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Wonder how GP CPA’s “takeout drawer” looks after the end of tax season?
This is what the GP CPA “takeout drawer” looks like after tax season ends... Many thanks to Hanako for being our dedicated supplier of takeout... MORE ARTICLES FROM OUR BLOG
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GMP CPA is now a GP CPA, P.C.
GMP CPA (aka Gary M Prusiensky, CPA, P.C.) has now officially become “GP CPA, P.C.” Since 1996 GP CPA has served the greater Charlotte area with accounting, tax, and payroll services in one form or another. While things may have been different back then, they were not...
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Extension season continues…
GP CPA recently had an opportunity to speak with Tina Orem, author and journalist at Nerd Wallet, about personal income tax extensions. While we don’t write as eloquently as Tina, we do speak the same language, taxes. Tina asked some important questions about...
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What the Section 199A is about in new Tax Cuts and Jobs Act tax reform
Dear Landlords & Real Estate Titans: The Tax Cuts and Jobs Act tax reform added new tax code Section 199A, which created a 20 percent tax deduction possibility for you if your rental property (a) has profits and (b) can qualify as a trade or business. As the law...
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Employee Recreation and Parties Survive TCJA Tax Reform
When you know the rules, you can party with your employees and deduct 100 percent of the cost. Interestingly, if you feed your employees during a training program, your deduction is only 50 percent. Make sure you know the rules that give you the 100 percent deduction for employee entertainment.
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How to Deduct Medicare as a Business Expense?
This article will provide answers to the following questions:When you can Deduct Medicare as a Business Expense?How to Deduct Medicare as a Business Expense if you are a Sole Proprietor?Is it possible to deduct Self-Employed Health Insurance? How to Deduct Medicare as...
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March 2019 Tax Update. Home-office deduction and QBI
When possible, you want to claim that your office in your home qualifies as a principal place of business because of this classification gives you the home-office deduction, andeliminates commuting from your home to your regular office.
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Extensions
Extensions are a dirty word at our office. 99.9% of Nearly all of our clients are able to get their business’ books closed and personal tax information to us in plenty of time to make the filing deadlines. This allows our clients a peace of mind knowing that their...
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Home office deduction – walkthrough by GP CPA
Dear Client, The home office deduction is rather limited for your tax situation (and most people other taxpayers), especially in the trade-off between S-corp and schedule C. The Schedule C offers better home office deductions, but the overall tax bill is...
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Let’s talk about Basis!
“Basis” is a loaded word for accountants. It is very much described in the same regards as “time”, in that there never seems to be enough time when it is needed most. For many S-corp shareholders, basis is starting to come into play at tax time and many are unprepared...
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Intuit is raising their prices!
GP CPA’s arch nemesis, Intuit, is raising prices across the board. That isn’t even the worst part, as Intuit will be offering “live” bookkeeping as an add-on service for their QBO subscribers. That announcement means that Intuit will now be competing directly with a...
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Long-term strategies and the ACA
As serial entrepreneurs grow businesses and expand their overall business footprint, there is a tendency for advisors (such as GP CPA) to explore the idea of consolidating certain elements of the businesses. This is often an effective strategy for managing costs and...
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The 2018 tax filing season is in full swing
The 2018 tax filing season is in full swing, which means most CPA’s don’t see family, friends, or daylight until sometime after April. The big focus this year has been on tax refunds, which were expected to be quite a bit different this year due to the tax changes...
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Newsletters are the new….newsletters?
GP CPA has an affinity for all things current events, and sometimes, just sometimes, they are not even tax related. We are currently subscribed to a few different local/national emails that we actually open and read most of the time. In no particular order: Charlotte...
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Depreciation options
Dear GP CPA Client: We are wrapping up the Company's tax returns and would like to make you aware of an option that the Company is eligible to make based on the new tax laws passed in 2017. This option relates to depreciation, which for many business owners, is a big...
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QBI walkthrough for our clients
Dear Client:Your ownership of a pass-through trade or business can generate a Section 199A tax deduction of up to 20 percent of your qualified business income (QBI). The C corporation does not generate this deduction, but the proprietorship, partnership, S...
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Why your kids are model employee’s?
Working with family in a small business environment tends to be either very rewarding or makes for even more awkward holiday gatherings. If you own an S-corp and have children, it has never before been as lucrative to have them work for your company. Many kids have...
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Want to see how we work? Read exemplary audit management letter by GP CPA!
We recently had an engagement that required GP CMP to gather data from several different accounting softwares and create enough of a documentation trail to support an audit. The results of our work was reported to management in a letter of recommendation, which we...
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2019 Payroll w/Gusto
Payroll is often a source of pain for business owners. S-Corp owners know that they have to have it, although most still find it a bit…mysterious. The big payroll companies offer ready-built platforms that offer a ton of features, although they are often difficult to...
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2019 – Happy New Year
Welcome to 2019! We start the year off a little ominously; a partial government shutdown, looming international trade issues, and a rollercoaster stock market. All of these trending topics seem to make 2019 seem a little too much like 2009. And with the start of a new...
read more![[Frequently Asked Questions] CFP (Certified Tax Planner)](https://pruscpa.com/wp-content/uploads/2018/12/pexels-photo-209224-400x250.jpeg "Communications 27")
[Frequently Asked Questions] CFP (Certified Tax Planner)
Recent client question from a CFP (Certified Tax Planner) to GP CPA: “I wanted to reach out because I have a client that has a portfolio that is 100% equity in a taxable account. We are looking to sell out of the equity positions and redeploy the proceeds into a...
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Cost segregation
Dear GP CPA Client:Cost segregation is the magic sauce that breaks your real property into its components and some of these components can depreciate much faster than the typical overall standard 27.5 or 39 year periods. This magic sauce is brought you courtesy of a...
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Tax Cuts & Jobs Act Nov Update
Tax Cuts & Jobs Act Nov UpdateNovember 2018IRS Says TCJA Allows Client and Prospect Business Meal Deductions In Notice 2018-76, the IRS states that client and prospect business meals continue as tax deductions under the Tax Cuts and Jobs Act. This is very good...
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GP CPA Business Advisor
GP CPA recently met with a prospective client and when the topic of being a business advisor came up, we heard an interesting point of view. The potential client was specifically looking for a professional that would offer more than [just] tax & accounting...
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GP CPA 2018 Year End Calendar
Hello GP CPA Clients,Greetings from Gary, Justin, Connie, Zach, and Diane. While most of you are probably accustomed to hearing from one of us regularly, this time of the year has some special dates and deadlines that we would like to bring to your attention. For...
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The most wonderful time of the year…
The holiday’s are in full swing, which we know is “official” because the Halloween themed items are sitting side-by-side with Christmas related stuff kitsch decorations in almost every store. During this most wonderful time of the year, GP CPA looks forward to as much...
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QBO v Xero a practical dissertation
GP CPA is a silver Xero partner, which does not mean that we are in second place, it just means that we are growing (and there is room for improvement). Our firm’s preference is clearly with Xero as far as online accounting platforms and the reasons are many. Rather...
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FICO presents the UltraFico Score
For those of you who bemoan your credit score, FICO, the company that everyone recognizes as behind that magical number is making some changes! FICO is calling this the “UltraFICO Score” and damn if it doesn’t sound sexy. This “UltraFICO” item will be customized to...
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Are you living in the most tax-friendly state?
If you live in New England, New Jersey, New York, or California, an info-graphic confirms the pain you experience when it comes paying high state taxes (income AND sales taxes). Oddly enough, Minnesota took the top spot of most expensive state taxes in the US and...
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Drive Time Increases Odds of Deducting Rental Property Losses
Your rental properties provide tax shelter when you can deduct your losses against your other income. One step to deducting the losses is to pass the tax code’s 750-hour test. And one step to finding the hours you need to pass the time test may be your drive...
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How to create the paper trail for rental real estate deductions
Taxpayer’s trying their hand at real estate investment often miss a few key points with how they approach their time spend on real estate matters. Whether your real estate investment is for appreciation (or speculation), flipping, or renting, the ability to prove what...
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Forming a Management Entity
Many organizations experience a level of growth that stretches the leadership or executive team thin across several entities. This is especially true when there is one executive that is responsible for the day to day decisions of several operating units or...
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A guide to tax savings with S-corporations
As soon as possible. NOW. YESTERDAY. TODAY. whenever... The process can take around a week if you are fully engaged in the process. It can take the IRS a little bit to respond, so the sooner the process is started the better. We recommend expediting the process of...
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Automation in the automotive industry
At GP CPA, we work with several clients in the automotive field, from classic car restorations to rebuilding transmissions, this part of the economy has been stable for a while. One trend that we have seen while these automotive clients have grown over the past 10...
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Foreign accounts and the IRS
There is currently a trial underway that is drawing a substantial amount of publicity and not just because it relates to a wealthy individual running afoul of the complex US Tax code. While Mr. Manafort is garnering a lot of publicity because of who his past...
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GP CPA adopts a robot
Major shifts in technology have hit almost every area of modern life. Somewhere, someone is trying to disrupt your business/industry/life; perhaps even more than one! This concept of constant disruption also goes hand-in-hand with the saying “there’s an app for that”,...
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Extension season is coming… are you ready?
Many Most Nearly all of GP CPA’s clients typically do not require an extension in order to timely file their personal and corporate tax returns. This is partly due to our regular contact with our clients and the proactive approach that helps us get ahead of any issues...
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Payroll with GUSTO!
Payroll is often a thankless task for business owners. Whether your payroll is hourly, salary, organized, or chaos, it is still a time consuming endeavor. There are federal laws, state laws, local ordinances, and regular changes at every level. Specialized industries...
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A midyear checkup with GP CPA
July marks the midpoint of the calendar year and most often brings the hottest days of the year (especially in Charlotte!). GP CPA looks forward to July, not only for vacations but because in most cases we now have six months of data to look over for our clients. Just...
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Commercial leasing the greater Charlotte area
GP CPA serves a diverse group of clients and yet they all share one common business expense: rent. Some clients pay themselves rent (as the landlord) and other clients pay rent to someone else (if you don’t pay any rent, good for you!) As the economy picks up steam...
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What are S-corp distributions?
Let’s start this conversation by assuming the reader is already an S-corp shareholder. If not, get caught up on S-corps, HERE. For those on their second rodeo, S-corp distributions are often misunderstood, kind of like sharks. In the same way that a shark can only...
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S-corporations – What’s not to love?
The majority of GP CPA’s clients own and operate S-corporations (“S-corp”), as our firm specializes in the administration, accounting, and taxation that is unique to this type of business entity. Most types of businesses can be an S-corp and from our perspective, the...
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How do I become an S-corporation?
S-corporations (“S-corps”) is the technical term for the federal tax election, aka IRS Form 2553, and are named after their place in the IRS code, subchapter “S.” S-corps are generally limited to two specific business entity types, a limited liability company (“LLC or...
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Sales Tax in NC: The Impact of the Latest Decision of the Supreme Court
Sales Tax in NC: The Impact of the Latest Decision of the Supreme Court. North Carolina has relatively stable and low sales tax rates for a mid-Atlantic state with nearly 8 million residents. The state’s general sales tax rate is 4.75% and depending on the city/county you are purchasing in, the local taxes can range from 4.8% to 8.25%.
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Test your knowledge about NC Sales Tax for HVAC Services
If your business involves repairs, maintenance, or installation services related to vehicles then this quiz will test your knowledge of current NC sales tax law. MORE ARTICLES FROM OUR BLOG
read more![Are you a Retailer? Test your knowledge about NC Sales Tax! [QUIZ]](https://pruscpa.com/wp-content/uploads/2018/06/pexels-photo-811101-400x250.jpeg "Communications 52")
Are you a Retailer? Test your knowledge about NC Sales Tax! [QUIZ]
If you business sales tangible items to the public this quiz will test your knowledge of current NC sales tax law. MORE ARTICLES FROM OUR BLOG
read more![Test your knowledge about NC Sales Tax for Automotive Services [QUIZ]](https://pruscpa.com/wp-content/uploads/2018/06/automobile-automotive-clean-engine-65623-400x250.jpg "Communications 53")
Test your knowledge about NC Sales Tax for Automotive Services [QUIZ]
If your business involves repairs, maintenance, or installation services related to vehicles then this quiz will test your knowledge of current NC sales tax law. MORE ARTICLES FROM OUR BLOG
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A recipe for taxes…
GMP CPA has not memorized the tax code like we have the Joy of Cooking, but we reference both a lot. If your current accountant is not the advisor you hoped them to be, or you want more dark chocolate M&Ms in your life, GMP CPA would love to talk to you about your business. We may even bring cookies!
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Unlocking value in real estate
TL;DR Summary: Only a cost segregation study can unlock the value of your commercial property for a large tax deduction.Real estate has long been held as a way to build wealth and there are many examples out there (good and bad) of those who have made their fortunes...
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What S Corporations and C Corporations should consider
The battle of supremacy between S & C corporations continues to rage with the new tax law changes. Even lowering the corporate tax rate does not tip the scales in C-corp’s favor, S-corp still stands for savings.Useful facts about the Tax Cuts and Jobs Act of...
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NC Sales Tax
State and local taxes (SALT) are often more complex than the IRS tax law and represent one of the largest compliance burdens that a business faces. Set aside [for a moment!] the current tax plan running through congress right now and that still leaves a range of state...
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Pros and Cons of 401(K) Loans & The Tax Impact of a Child’s Investment Income
Are You Sure You Want To Take That 401(K) Loan? With summer headed toward its inevitable close, you may be tempted to splurge on a pricey “last hurrah” trip. Or perhaps you’d like to buy a brand new convertible to feel the warm breeze in your hair. Whatever the...
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Home Office Deduction & Household Employees
Getting Comfortable With The Home Office Deduction One of the great things about setting up a home office is that you can make it as comfy as possible. Assuming you’ve done that, another good idea is getting comfortable with the home office deduction. To qualify for...
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Address:
17210 Lancaster Highway, Suite # 405
Charlotte, NC 28277
Telephone: (980) 237-1714
Fax: (704) 626-5394
Email: jprusiensky[at]gmprusienskycpa.com